Key information (pro-forma figures): • Revenue down 6.5% to CHF22,042m on a reported basis and 0.6% on a lfl basis over the 9m period. • Adjusted EBITDA down 9.0% to CHF4,355m on a reported basis and 3.2% on a lfl basis over the 9m period. • Adjusted EBITDA margin at 19.7% over the 9m period. • Reported EBITDA down 18.8% to CHF3,657m because of merger and restructuring costs. • Reported EBITDA margin at 16.6% over the 9m period. • Deterioration of group performan

26 Nov 2015
Disappointing 9m figures, management's targets seem aggressive

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Disappointing 9m figures, management's targets seem aggressive
Key information (pro-forma figures): • Revenue down 6.5% to CHF22,042m on a reported basis and 0.6% on a lfl basis over the 9m period. • Adjusted EBITDA down 9.0% to CHF4,355m on a reported basis and 3.2% on a lfl basis over the 9m period. • Adjusted EBITDA margin at 19.7% over the 9m period. • Reported EBITDA down 18.8% to CHF3,657m because of merger and restructuring costs. • Reported EBITDA margin at 16.6% over the 9m period. • Deterioration of group performan